and morning Thanks, Jeff. Zach, everyone. Rina Good
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way budget this to to book want to said very did our cycle which of the are two what Manhattan, social which very of massive taxes, that no cities support – only for de I book, they they San now. our which, highlight little course, increase are Francisco difficult to cover is is right have running So strategy equity to mirror deficits. also minimis negative continue And we the markets exposure and exposure These lending their really can’t both states can infrastructure. where them create Jeff
feel today. be offices over in So think and expect also but will choppy. summary, is model headlines that Miami do bad. We The confident I through expect cycle. we are time. It in have there We we losses I’m and we them will will navigate to unique in Eleonore’s begin the business sitting we offset here there, do this
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government all our Fed-induced with of remains everyone. created the focused this. of throwing team, did that, – beginning this on by government government So want crisis. all inflation The is through thank crisis. a which The the This navigating stimulus at dedicated money package. did The the I to and
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And interest covered real losses are a to see, we hedges of exposure. no expense that – exposure as our because – we we bank, and not XXX% in We RMBS our book rates. our our you have hedged
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management That blame a was record. regional course, but cover. Fed that how going facing day. are can of the government fast now, single also the banks only So to $XX swan. is the the And was blame leave, serious could ETFs, with for hold in have management you I to a billion a world or but responsible can you not understanding deposits issues That
all has banks, bank is put work people of franchise the to First It’s that have at these banks every of right should fault. out on Not not value. a it it criminal residual Republic. these Fed. is it And business. many all the people these And won’t their These and of be
what this cost. they did and a inflation blast at killing to for So need they don’t be
XX-point with States employment the rating interest rate United increase. manage can’t You
you are gets an fourth how So with as Xs but delayed. feel. be as they aggressive soon line of the of should index kind included the part, Inflation that, quarter. is the rent by index, which Rent CPI. We in will fall the I in know
and shame. for it’s right time. no thing they the do with, not There they don’t to it’s this a to think doing, get trying I point what but at I just are doing are know country to this credit who is
over, you So we’re with going take my all. questions. that, to and diatribe Thank is
